Beyond Meat’s share price more than doubles in vegan burger maker’s IPO

The stock opened at $46, well above its IPO price of $25 and traded up to $72 during the day, before closing at $65.75.

REUTERS: ‘Shares of vegan burger maker Beyond Meat Inc rose more than 160 percent in their market debut on Thursday, as investors look to cash in on the first publicly listed veggie meat company and the growing popularity of plant-based meat alternatives. The stock opened at $46, well above its IPO price of $25. Shares surged minutes after starting to trade and were halted due to volatility. They traded up to $72 during the day, before closing at $65.75.

Beyond Meat closed with a market capitalization of around $3.8 billion, based on shares outstanding including underwriters’ option. Earlier on Tuesday, the company raised the size and price of its offering after increased demand from investors. The IPO raised $240 million. The money raised from the IPO gives Beyond Meat firepower to compete with other rivals in the increasingly crowded imitation meat market, such as Silicon Valley startup Impossible Foods Inc…

Currently, some 70 percent of the company’s revenues are generated by its flagship Beyond Burger patties. The company also sells imitation sausages and vegan ground beef… Plant-based substitutes for meat have been gaining popularity as more people shift towards vegan or vegetarian diets, amid growing concerns about health risks from eating meat, animal welfare and the environmental hazards of intensive animal farming’.  SOURCE…

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